It's something I've come across in a number of places. Here are a few:
link and linkIt actually just sounds like something they want to do, but I could have sworn I'd read somewhere that they were already doing it.

Yeah I agree the dollar is toast unless we raise interest rates by a large amount thereby killing the economy and that will put even more pressure on the debt costs and the inflated housing sectors. The US will also need to revamp its health care system too by either deregulating it or controlling it 100%.

But I am not betting on the Euro either in the long run as they will also face huge trade deficits in time. I think the currencies of choice will be with the stable countries that have the remaining resources like Canada or Russia.

Regarding the comment about Warren Buffett he still owns quite a few US companies in his stock portfolio besides of course all of his 100% owned companies in his conglomerate. The only foreign stock that he owns is Petrochina PTR which is one of his smallest stakes (Note: that Gillette had a recent take over offer from Procter and Gamble).

JBinKC wrote:But I am not betting on the Euro either in the long run as they will also face huge trade deficits in time. I think the currencies of choice will be with the stable countries that have the remaining resources like Canada or Russia.Regarding the comment about Warren Buffett he still owns quite a few US companies in his stock portfolio besides of course all of his 100% owned companies in his conglomerate. The only foreign stock that he owns is Petrochina PTR which is one of his smallest stakes (Note: that Gillette had a recent take over offer from Procter and Gamble).

The countries that use the Euro are not allowed to run a budget deficit of more than 3%. The US runs a deficit of 7% annually.
The US has a total external debt of $ 862,000,000,000. The closes euro country is Spain with $90,000,000,000. Most other countries are well below that.

No Euro is not perfect, but is a hell of a lot better than the Dollar. If other countries start to sell oil in euros than, watch out one of the foundations that support the dollar will be eradicated. Over night, 1 euro will go from $1.29 to $1.40 (assuming it is a major seller like Iran or Russia)

You might want to recheck you research on buffet. He owns shares in quite a few European and non American companies. Also he is stock piling his euro reserves, as are many other investment institutions (including the one I work for). What about Gates, and Soros? No there is something big about to happen. Closing our eyes and saying the US ran huge deficits before (ie. 1980's*,) and nothing is going to happens will not save us.

*In the 1980's there was no euro, and the Yen was pegged to the dollar and Europe was trying to recoup from the oil embargo

It seems to me wages are keeping inflation low. The price of oil and imports have gone up greatly. Also, the government is taking on great debt. This should result in tremendous inflation. (This is called cost push inflation, when the cost of the factors of production: land labor capital (ie. oil, some imports) goes up greatly, causing prices to go up causing other items prices to go up etc etc) But, notice the Republican opposition to raising the minimum wage. If the minimum wage were raised, this would raise the cost of labor, causing much greater inflation. Eventually, wage-earners will have to use credit more and more, while the wealthy can avoid credit. Then, it becomes possible and legal for those that still have money to seize property at auction. If the minimum wage is raised, our economy goes sour quick. If things keep going the way they are, the dollar becomes worthless and the American people become serfs.

Nothing in the stock market, NevadaGhosts. Or in ANY money-based investment. Between the coming world economic collapse and the realities of the post-peak society, money of ANY KIND isn't going to be worth the paper/metal it's printed on. Useful goods for bartering, yes. Useful skills for bartering, yes. I'm iffy on gold/silver...only if the surviving population think the stuff's worth exchanging something TRULY useful for....

The money? It's good NOW--for buying needed stuff for NOW and useful stuff for NOW and TOMORROW. That's it. And it'll run out before the world economic collapse, which tells you how one-time this $$ motherlode is. In the midst of all this, I'm trying to learn some barterable skills, and make life more, well, kind and/or better for myself and others--and I don't mean that in a "things" kind of way, though some "things" might be appreciated (not just "I want that"). The clock is ticking, and I think the final alarms will start ringing before this decade is out. And planning for this NEXT society (assuming there is one) by means seen as "successful" in THIS society seems to me the height of foolishness.

But buy your euros and metals, if you wish. It won't really hurt anyone, it won't really HELP anyone, either. (Especially you and yours.) Learn useful skills, instead. Develop new relationships and deepen the ones you've got. They're the most valuable things on Earth! Try to establish a network of some kind with family/friends/local skilled sorts and businesses, something you can build a COMMUNITY from. Because a COMMUNITY is the best "insurance" you will have of surviving what's coming. Prayer can help, too, if you're aware there's a God out there who's weeping for the Free-Will choices we humans have made for ourselves and our world--and even about His existence! But atheist and "religious" can agree on one thing--in the long run (maybe even the short one!), it's not guns or bombs or "me first" or hatred that will provide a society/world worth living in--it's love, understanding, fairness, common sense, and MUTUAL advantage. And if that sounds too idealistic, I know it is. It also happens to be the truth. Which makes me extremely pessimistic about the future...especially if there isn't a God, and it's ALL up to human beings....

Warren Buffet has already pulled every last penny out of the US stock market. Perhaps he knows something...

This is for ther person who wanted a source. I read something like that on www.howestreet.com about him and bill gates pulling their money out of US. I can't find it now and have too much of a headache to.

Buffet, Gates & Soros are all very negative about the US dollar and are long Euros etc instead. Soros is/was short the dollar, I dunno if he still is. Also, all three have major positions in silver - physical silver in the case of Buffet, mining companies for the other two.

Warren Buffet has already pulled every last penny out of the US stock market. Perhaps he knows something...

This is for ther person who wanted a source. I read something like that on www.howestreet.com about him and bill gates pulling their money out of US. I can't find it now and have too much of a headache to.

I found a number of articles saying he'd been moving money out of the dollar into silver and that he "couldn't find anything he liked" in the stock market, but nothing saying he'd bailed out altogether. Still, the point is the same.

Sure am glad I live in America! Ok, so our president isn't exactly the brightest of the bunch, but that doesn't matter. There are many other powerful people in office to help him win the war on terror. Everyone (including you France) should join us, because if you are not with us, then you are part of the problem, and the problem must be eliminated. You Europeans cant hurt us. Our economy is your business. So- Who's your daddy?

oh and by the way, in case you didn't notice. We are Christians, and we know that we are living near Armageddon. Also, we own enough nukes to blow the world up, what, maybe 7 times? Maybe we can help god out a little, what do you say? HAHA! Nobody can stop us now! God bless the USA

shortonoil wrote:Sounds like you believe that fairy tale that the WTC fell down because a couple of mad arabs hit it with airplanes! America my home, land of the delusional thinker.

I suppose you would suggest the Bush administration did. All we need now are the tape recordings of the phone conversations behind it. Hopefully 60 minutes can come out with a document proving it all. Maybe they simply followed FDR's plan on bombing Pearl Harbor.
I would believe some serious opportunism went on with 9/11 to invade the Middle East (twice) but to argue the CIA or some other US entity planned the whole thing is wrong.

bruin wrote:I would believe some serious opportunism went on with 9/11 to invade the Middle East (twice) but to argue the CIA or some other US entity planned the whole thing is wrong.

I'd recommend you read War on Freedom:How and Why America Was Attacked by Nafeeq Mossadeq Ahmed. I'm currently reading it now andhaveto say it is the best 9/11 book I've read so far. I used to think Ruppert and Griffin had written good books but they both quote this one extensively.

It stays away from the far out parts of 9/11 theory such as was it a missile that hit the pentagon and were the twin towers brought down in a controlled demolition and instead focuses on the links between the CIA, the Saudi royal family, Osama Bin Laden, and the Pakistani ISI.

Did you know for example that in July 2001 Bin Laden was in a Dubai hospital recieving treatment and was visited by the head of Saudi intelligence and a member of the CIA. link

US deficits risk crash: Treasury by David Uren and Roy Eccleston, Feb 25, 2005:PETER Costello's closest adviser fears the US is heading for a devastating financial crash that could ravage Australia's economic growth. As the Reserve Bank considers raising interest rates at its board meeting next Tuesday, Treasury Secretary Ken Henry likened the flood of money pouring into the US to support its budget and current account deficits to the stockmarket's dotcom bubble of the late 1990s. Were it suddenly to stop, there would be shockwaves felt throughout the world's economies. The financial crash feared by Dr Henry would involve a sharp fall in the US dollar and a bond market sell-off, which would push up US and world interest rates.

This would hit US economic growth and, as a result, cut Chinese exports of manufactured products to the American market. In turn, this would threaten the boom in Australian mineral exports to China. Fears that the world economy is in grave danger are growing in the major financial capitals. The International Monetary Fund, which is responsible for stability of the world economy, also warned yesterday of a sudden collapse.

Since there seems to be a flurry of threads on this exact same topic these days I thought I'd bump up this 4-year-old thread to remind everyone how the collapse of the US dollar and the "imminent" defaulting of the US on its debt and blah blah blah seem to always be just around the corner. Year after year after year after year after . . .

Stuff for doomers to contemplate:http://peakoil.com/forums/post1190117.html#p1190117http://peakoil.com/forums/post1193930.html#p1193930http://peakoil.com/forums/post1206767.html#p1206767

OilFinder2 wrote:Since there seems to be a flurry of threads on this exact same topic these days I thought I'd bump up this 4-year-old thread to remind everyone how the collapse of the US dollar and the "imminent" defaulting of the US on its debt and blah blah blah seem to always be just around the corner. Year after year after year after year after.

Just a note. The Dollar Index in February of 2005 (when this thread was created) was trading at 83. Today it's 86. 4 years of Dollar collapse and the currency has actually gained in value.